The company met profit expectations to end the year Tuesday, but adjusted net income expectations going forward left investors disappointed and shares slid 2 percent in early trading. The cruise operator also cut its outlook for the first quarter of next year.

Chairman and CEO Micky Arison said that net yields, the amount a cruise company makes from its passengers after removing expenses, should continue on a slow recovery next year though economic conditions remain challenging.

Carnival, which operates Holland America Line, Princess Cruises and Carnival Cruise Lines, reported earnings of $217 million, or 28 cents per share, in the quarter compared with $248 million, or 31 cents per share, a year earlier.

Fuel prices rose 39 percent to $680 per metric ton in the quarter. The company said it recently started a fuel derivatives program to help offset some of the risk tied to potentially sharp spikes in fuel prices.

Net revenue yields, which measure the amount a cruise company makes from its passengers after removing expenses, rose 1.5 percent. Carnival had predicted the figure would increase 1 percent to 2 percent. Full-year earnings slipped 4 percent to $1.91 billion, or $2.42 per share, from $1.98 billion, or $2.47 per share, in the previous year.

For the first quarter, Carnival predicts adjusted earnings of 6 to 10 cents per share. Analysts expect earnings of 13 cents per share. Net revenue yields are predicted to climb 1.5 percent to 2.5 percent on a constant dollar basis compared with the year-ago period.

Fuel costs are anticipated to rise $93 million from the prior-year period, which the company said will cost it an additional 12 cents per share.